SEC Expects Auction Rate Securities|Settlement With Bank Of America

WASHINGTON – The SEC soon will announce an auction-rate securities settlement with Bank of America that will bring “the biggest financial settlements and returns of customer money in Commission history,” the agency said today.

The SEC this morning released this statement from its Enforcement Division Director Chatman Thomsen: “The SEC Division of Enforcement expects to soon announce the terms of a preliminary settlement with Bank of America that results from our ongoing auction rate securities investigations. The SEC investigations have resulted in preliminary agreements that represent the biggest financial settlements and returns of customer money in Commission history. We are grateful for the assistance and close cooperation from state regulators and FINRA in helping us return tens of billions of dollars to hundreds of thousands of investors even as our investigations of potential corporate and individual wrongdoing continue.”